Prof. Peter Quartey
Ghana’s economic growth is expected to hit 4.5% by the end of 2024, the Institute of Statistical Social and Economic Research (ISSER) has said.
Speaking at the launch of the State of the Ghanaian Economy Report and Review of the third quarter economic performance, the Director of ISSER, Prof. Peter Quartey said the country is on a positive trajectory and expects the rate to exceed 4%.
“Our growth prospect remains positive. The IMF has revised and said we will grow by 4 percent, but I am optimistic that we can do 4.5 percent,” he said.
Prof. Quartey said there is the need to ensure expenditure rationalisation, especially in procurement and compensation through digitalisation of payroll systems.
Suggesting some areas the government can focus on to accelerate the growth, Prof. Quartey pointed out that it is time to invest in the agriculture and industry sectors.
“We need to invest in agriculture and industry because they are labour intensive sectors. If we invest in them, they can create jobs,” he said.
He added that there is an urgent need to also review the debt to restrict the government from overspending.
“We need to review the fiscal responsibility law to include legislation of a debt ceiling to ensure that deficit and debts are contained within sustainable thresholds,” he said.
Based on the latest projection, ISSER is upbeat about Ghana’s economy, but advised government to enhance revenue mobilisation through digitalisation.
The report also appealed to the government to invest in agriculture to address the hike in food inflation.
“Addressing inflation and the exchange rate depreciation will help reduce the cost of living. Food inflation remains high and PFJ 2.0 should aggressively support the value chain,” the report indicated.
A Business Desk Report